Wells Fargo Advisors: 400 new jobs coming to St. Louis

Mo. Gov. Jay Nixon (center) and St. Louis Mayor Francis Slay (right) joined Wells Fargo Advisors president and CEO Danny Ludeman at the company's headquarters in downtown St. Louis.

Joseph Leahy/St. Louis Public Radio

Financial services firm Wells Fargo Advisors is investing $33 million to expand its operations in the St. Louis area. Missouri Governor Jay Nixon and St. Louis Mayor Francis Slay joined the company’s president and CEO Danny Ludeman Friday for the announcement at the company’s downtown headquarters.

Ludeman says the plan will create 400 local jobs.

“So, it reinforces – I think this is probably the biggest point – our city’s position as one of the largest concentrations of financial services companies anywhere in the United States," Ludeman said. "Maybe we’ll add New York to that – but next to New York."

The company will receive a $12.6 million tax incentive package from the state to create the jobs over a three-year period.

The corporation became the nation’s third-largest retail brokerage firm after merging with Wachovia in 2009.

The Missouri auditor and the state's Division of Finance have an agreement about access to records.

Auditor Tom Schweich had subpoenaed records from the Finance Division, saying he needs access to the documents to determine if bank regulators are doing their jobs properly. The Division of Finance responded that it was barred by law from complying and that workers could be dismissed or prosecuted for releasing documents.